Rupee trims initial losses vs dollar, still down 12 paise

Last Updated: Wed, Jan 16, 2013 07:17 hrs

The Indian rupee trimmed its initial losses against the American currency but was still quoted down by 12 paise to 54.73 per dollar on persistent dollar demand from importers on the back of higher crude oil prices.

The rupee resumed lower at 54.77 per dollar as against the last closing level of 54.61 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 54.80 per dollar before quoting at 54.73 per dollar at 1040 hrs.

It moved in a range of 54.68 per dollar and 54.80 per dollar during the morning deals.

Oil prices rebounded in Asian trade on stronger US demand for heating oil but an impending showdown in the US Congress over the debt ceiling could limit gains, analysts said.

New York's main contract, light sweet crude for delivery in February was up 15 cents to USD 93.43 a barrel.

Meanwhile, the Indian benchmark Sensex declined by 11 points or 0.06 pct to 19,975.47 at 1100 hrs.

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